18,122 grads of the Ultimate Military Credit Cards Course already know why
The Platinum Card® from American Express is my #1 recommended card
Military Money Manual has partnered with CardRatings for our coverage of credit card products and may receive a commission from card issuers. Some or all of the cards that appear on this site are from advertisers and may impact how and where card products appear on the site. This site does not include all card companies or all available card offers. Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. All information about the American Express Hilton Honors Aspire Card, American Express Hilton Honors Card, American Express Green Card, World of Hyatt Credit Card, Marriott Bonvoy Bold Credit Card, Marriott Bonvoy Boundless Credit Card, and the Chase Freedom Flex has been collected independently by Military Money Manual. These cards are no longer available through CardRatings.com. Thank you for supporting my independent, veteran owned site.
I just finished reading The Five Types of Wealth by Sahil Bloom. Main takeaway is to not just measure your life only on the financial scoreboard. Integrate measuring the other 4 types of wealth to build a more holistic life, full of enjoyment, purpose and meaning. and satisfaction.
I'm trying not to read money/investing books this year, but this one slipped through the cracks because of a podcast I heard Sahil on. He has some great questions in the book and it's much more than a wealth building book, it's more of a life building book.
The 5 Types of Wealth:
- Time Wealth is the freedom to choose how to spend your time, whom to spend it with, where to spend it, and when to trade it for something else.
- Social Wealth is the connection to others in your personal and professional worlds—the depth and breadth of your connection to those around you. It is the network you can rely on for love and friendship but also for help in times of need.
- Mental Wealth is the connection to a higher-order purpose and meaning that provides motivation and guides your short- and long-term decision making.
- Physical Wealth is your health, fitness, and vitality.
- Financial Wealth: income generation, expense management, and long-term investment
Selected quotes:
- Arrival fallacy: The arrival fallacy is the false assumption that reaching some achievement or goal will create durable feelings of satisfaction and contentment in our lives. We incorrectly assume that we will finally experience the sensation of having arrived when we reach whatever we have propped up as our destination.
- We don't actually want money, we want what money can buy: We all want the same thing—and it has very little to do with money. From the young entrepreneur to the old retiree, from the new mother to the empty nester, from the rich attorney to the middle-class teacher, the ideal future end looks remarkably aligned: Time, people, purpose, health.
- Everyone wants twice what they have: With the exception of one enlightened investor worth twenty-five million who replied, “Honestly, I’m happy where I am” (although he added, “But if I had twice as much, I could probably fly private a lot more, which would be nice”)
- Your wealthy life may be enabled by money, but in the end, it will be defined by everything else.
- This one cuts deep: What good is the freedom to control your time if you don’t have anyone special to spend it with?
- The Life Razor concept (a single phrase that helps define who you are and what you do) “I show up for family and friends when they need it most.”
- Creating anti-goals
- Front Row People Close your eyes and take three deep breaths. Imagine you’re dead. You’re at your funeral. People are walking in, crying, hugging each other. Everyone sits down. Who is sitting in the front row? Imagine their faces. These people—your Front-Row People—are the ones who truly matter.
- Listen to your curiosity: It’s difficult to determine how, but when you pursue life with genuine, inspired, childlike curiosity, good things tend to happen, both personally and professionally.
- Escape velocity: Level 5: All pleasures are available. Asset accumulation reaches escape velocity, and assets generate passive income in excess of all lifestyle expenses. This is the level of complete financial independence, as you can remove all active income and continue to live the same lifestyle.
- Never think twice about investing in yourself: He told me to make it a rule to never think twice about investments in yourself: Books, courses, and education Fitness Networking events Quality food Mental health Personal development Sleep
